In recent months, the Solicitors Regulation Authority (SRA) for England and Wales has issued record fines to firms for compliance and anti-money laundering (AML) failings.
The Law Society of England and Wales has also issued new guidance to help its members.
Law Society president Nick Emmerson said: “It is almost two years since the Ministry of Justice raised the SRA’s internal fining powers for solicitors and traditional law firms from £2,000 to £25,000, despite our strong opposition to the change. 
“The fines we have been seeing issued range from around £12,000 to £23,000.”

Seriously concerned

“We acknowledge that firms or individuals which have failed to follow their professional obligations, should face appropriate sanctions, but we remain seriously concerned about the SRA acting as investigator, prosecutor and judge," the statement continues.

“We maintain that the Solicitors Disciplinary Tribunal (SDT) remains the most suitable jurisdiction for more serious and complex matters. It guarantees greater transparency and objectivity and, in addition to its unlimited fining powers, it can suspend or strike-off a solicitor.

“The Law Society is continuing to advocate for our members and is actively engaging with the Legal Services Board on their review of regulators’ enforcement and disciplinary powers.

“We also published new guidance on investigation and enforcement and what to expect from the SRA and the SDT, and the support available to solicitors or firms facing disciplinary action.

"We also published new guidance on investigation and enforcement and what to expect from the SRA and the SDT, and the support available to solicitors or firms facing disciplinary action."